Angry employees lash out at The Romar Group, Inc. The President/CEO and Upper Management respond to the rumors.
Los Angeles, CA (PRWEB) December 19, 2004 -- The Romar Group, Inc. says, We must right size our operations in an effort to build a more productive and efficient business."
Romar admits it did in fact experience cash flow issues that caused problems for some employees and vows to make things right. Romars cash flow issues came about in part as a result of upper management oversight, accountant errors, certain facility investments overseas, business start-up acquisitions / expansion, and an accelerated growth which created need for additional highly skilled executives resulting in a major jump in indirect and direct overhead.
Romar financed and finances most of its business and investments through private shareholder funding. Romar shareholders have always been committed to supporting communities and hiring a diverse group of accomplished individuals in as many cities as possible in the United States and other countries. Romar is confidently anchored in the fact that we take great pride and consideration in regard to the favorable treatment of our associates. Romar, a predominantly minority-owned" company would not intentionally nor knowingly exploit any of its associates. After spending over nine million dollars in the past three years, for salaries alone; with only approximately 30% of Romars employed staff in five locations contributing to its growth, the Executive Management of The Romar Group, Inc. was faced with the difficult decision of restructuring management personnel. This action led to the hard decision to correct our errors and right-size" our operations. Romars resolution to minimize its battery of Vice-Presidents, Managers and other personnel created a back lash we never anticipated", says Don Polk, President and CEO of The Romar Group, Inc.
Don Polk, majority shareholder, has worked very hard for over 26 years to parley his experience to build a company whereby shareholders, investors and associates could be proud to be associated.
We are appalled and quite disappointed that ex-employees would choose to attempt to hurt The Romar Group, Inc., any of its affiliates, companies, associates or partners", stated Linda Haithcox, Corporate and Political Affairs Executive.
Please contact us at politicalaffairs@romargroup.com if you have questions or visit, www.romargroup.com.
Contact:
Linda Haithcox
213-621-4403
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